Latest news with #BYDCo
Time of India
3 days ago
- Automotive
- Time of India
BYD runs India remotely as China tensions shut out top brass
China's BYD Co. is forging ahead with its attempts to expand in India despite roadblocks from the government that are preventing the electric vehicle maker from conducting key business dealings there. Like most Chinese companies, BYD has been unable to obtain visas for executives after a deadly clash between Indian and Chinese soldiers along a disputed Himalayan border in 2020 sparked a major deterioration in political ties. That's seen the EV giant resort to holding board meetings and high-level business interactions in Colombo in Sri Lanka and Kathmandu in Nepal, and even as far away as Singapore, according to people familiar with the matter. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Design Thinking CXO healthcare Management PGDM Data Analytics Technology MCA Public Policy Degree Data Science MBA Operations Management Finance Others Leadership Cybersecurity Product Management Digital Marketing Artificial Intelligence Data Science Project Management others Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details Ketsu Zhang, BYD's managing director for India, has been unable to obtain a work permit since he left the EV maker's local base in Chennai, despite government efforts to facilitate his travel, said the people, who asked not to be identified because they're not authorized to speak publicly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kalimanggis: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo Zhang worked from the carmaker's headquarters in Shenzhen in 2021 before moving to Tokyo this year, they said. From Japan, he oversees Asian markets including India, the people said. Also Read: Chinese carmaker BYD launches smartphone-car connectivity feature Live Events An on-the-ground presence is particularly important for manufacturers, given the need for quick decision making, addressing productivity issues and establishing community ties. Cold Shoulder The cold shoulder is mutual. As recently as March, travel restrictions were still being wielded in the political spat. That month, an Indian contingent wanting to visit a major meeting of BYD car dealers in Shenzhen had to be scaled down after the majority of participants, including the company's employees based in India, were unable to obtain visas, a person familiar with the matter said. A representative for BYD in India declined to comment. Despite the operational difficulties, BYD has proved popular with Indian drivers — sales in the first half of this year are nearly touching the total units sold in 2024. Also Read: Tesla's long-awaited India debut bets on luxury vehicle buyers Indian officials have been clear they won't welcome investment from the carmaker — Commerce Minister Piyush Goyal said earlier this year that it's a 'no' to BYD due to caution around the nation's strategic interests. India has already rejected BYD's $1 billion plan to build a plant in partnership with a local company. This leaves the Chinese firm unable to qualify for reduced tariffs on imported EVs in exchange for establishing a substantial manufacturing presence in India. The freeze contrasts with the experience of Tesla Inc. Its Chief Executive Officer Elon Musk met with India's Prime Minister Narendra Modi in the US earlier this year. The US carmaker opened its first showrooms in India this month, with deliveries set to begin as early as August. Tesla doesn't have plans to establish local manufacturing, meaning it faces import taxes of as much as 110% for fully-assembled vehicles. Expanding overseas is critical for BYD, which risks missing its target to sell 5.5 million cars this year as demand in China stagnates and it draws the ire of Beijing following rounds of heavy price discounting. But without the ability to invest in manufacturing in India, BYD relies on its assembly plant in the southern city of Chennai, which has annual capacity of 10,000 to 15,000 units, to meet Indian demand. Hefty Duties The company also imports most cars it sells in India, but hefty duties — aimed at shielding domestic firms — effectively double the cost of a vehicle and India restricts volumes unless a model has received a local roadworthiness certificate. While tensions between China and India are thawing, it's unclear whether curbs on professional visas will be lifted or if BYD will ever be welcomed with open arms. Still, there are tentative signs of progress. Earlier this month, India allowed Chinese nationals to apply for tourist visas again.
Bloomberg
3 days ago
- Automotive
- Bloomberg
Toyota's Internal Inertia Stifles Digital Transformation Effort
Inside Toyota Motor Corp., a group of employees are worried about the company's future in an era when a car's software matters just as much as its sheet metal. The world's biggest automaker is known for churning out reliable cars like clockwork, but it's been struggling to keep up with Elon Musk's Tesla Inc., China's BYD Co. and other frontrunners in the industry's shift toward electric vehicles with sophisticated software.
The Star
21-07-2025
- Automotive
- The Star
Life atop China's car market starting to look shaky
FILE PHOTO: The BYD logo is displayed at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. REUTERS/Tingshu Wang/File Photo SHANGHAI: Life at the top is proving complex for China's leading automaker, and there are fresh challenges on the horizon. BYD Co's monthly sales have stagnated of late and with the summer months being a traditionally slower time for consumer purchases, that trajectory isn't expected to reverse any time soon. Discounting is also now being looked sternly upon by Beijing, with China last week pledging to rein in 'irrational competition' in the electric vehicle (EV) sector, reflecting the authorities' wish to tackle the deflationary price wars that are threatening economic and industrial growth. Some of BYD's international forays are also proving more challenging than expected, raising the question, is China's No 1 automaker on shaky ground? The Shenzhen-based behemoth currently looks like it will undershoot its annual sales target for 2025, in what would be a rare miss after a multi-year bull run. The number of electric and hybrid vehicles BYD needs to sell each month through December has hit 560,000 units, in excess of levels it could hope to achieve typically in a single month. The most vehicles BYD has ever sold in a month was just shy of 515,000, in December last year. Analysts are now doubting whether BYD can hit 5.5 million units in 2025. Consensus estimates continue to be downgraded. Deutsche Bank AG earlier this month said it now expects five million in wholesales, or deliveries to dealers, for this year, comprising four million domestic units and one million overseas, while Morgan Stanley last month lowered its projection to 5.3 million, pointing to a smaller number of new models. Bloomberg Intelligence's Joanne Chen said BYD would need to sacrifice some profit and maintain its hefty discounting in the second half if it wants to stay on track. 'Regulatory scrutiny will temper direct cuts to vehicle sticker prices but competition isn't going away and retail promotions are still needed to sustain sales momentum,' she said. 'New model rollouts and steady tech upgrades are also crucial.' Bing Yuan, a fund manager at Edmond de Rothschild Asset Management, said many market watchers now realistically expect sales of around five million. 'My sense is that is the consensus,' she said. Stripping out overseas and commercial sales, BYD's core car deliveries in China are shrinking. In June, they slipped 8% year-on-year as vehicles from brands like Zhejiang Geely Holding Group Co, Xpeng Inc and Xiaomi Corp won over buyers. HSBC Holdings Plc data showed that Geely was the largest gainer of market share in the first half, while BYD was among the biggest losers. — Bloomberg
Bloomberg
21-07-2025
- Automotive
- Bloomberg
Life Atop China's Car Market Is Starting to Look Shaky for BYD
Life at the top is proving complex for China's leading automaker, and there are fresh challenges on the horizon. BYD Co. 's monthly sales have stagnated of late and with the summer months being a traditionally slower time for consumer purchases, that trajectory isn't expected to reverse any time soon.
Bloomberg
16-07-2025
- Automotive
- Bloomberg
Stock Movers: Renault, ASML, Richemont
On this episode of Stock Movers: - Renault shares sank the most since 2020 after the French automaker slashed its profitability outlook and named company veteran Duncan Minto interim chief executive officer. Renault shares fell as much as 17%, after the French carmaker issued a profit warning on Tuesday evening, lowering operating margin guidance for this year to around 6.5%, from at least 7% previously. The revised guidance underscores the challenges Renault's next management team is facing, including muted demand in Europe, mounting trade tensions and the growing competitiveness of Chinese manufacturers led by BYD Co. - ASML Holding NV Chief Executive Officer Christophe Fouquet walked back the company's growth forecast for next year due to trade disputes and global tensions. 'We continue to see increasing uncertainty driven by macro-economic and geopolitical developments,' Fouquet said in a statement on ASML's quarterly results Wednesday. 'Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage.' ASML's shares fell as much as 7.1% to €655.70 in Amsterdam on Wednesday, the biggest decline since April. They have fallen 33% in the last year. - Richemont posted better-than-expected sales as wealthy shoppers snapped up Cartier rings and bracelets, defying a wider downturn for luxury goods. Sales at the jewelry division, Richemont's largest, surged 11% at constant exchange rates in the quarter ending in June, the Swiss luxury group said Wednesday. Analysts had forecast a gain of 8.6%. Overall, sales climbed 6%, ahead of expectations. The company's shares rose as much as 2.4% in early Swiss trading, bringing the gain this year to about 12%.
